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StreetAccount Summary - Europe Pre-Open: Futures FTSE +0.24%, DAX +0.63%, CAC40 +0.36%

Aug 05 ,2026

  • Synopsis

    • European equity markets are set for a higher open amidst higher Asian equities Wednesday. Semis/memory driving outperformance of Japan, Taiwan and South Korea. Gains picking up in mainland China indexes with chip stocks surging. Hong Kong little changed. S&P 500 futures advancing afterhours though SpaceX (SPCX) sold off post-earnings with capex attracting scrutiny.

    • Markets weighing latest sign of progress in negotiations to reopen Strait of Hormuz with crude down to lowest levels since early July. US and Iranian officials voiced hope for an agreement to break the deadlock with reported draft proposal seeing ships enter via Iran side of the Strait and exit via Oman side. Iran also said to be open to voluntary fee payment mechanism.

    • Back in Europe, Norway's minister of foreign affairs Eide and minister of fisheries and the oceans Næss meet the seafood industry about US tariffs at 12noon CET being joined by minister of trade, industry and fisheries Myrseth at 13:00CET. Release of Germany, Russia and UK Jul new car registrations are due for release. There's the expiry of offer period in connection with Brødrene A. & O. Johansen's (AOJ.B.DC) acquisition of Elektroimportøren (ELIMP.NO)

    • On the macro front, Italy, Spain, Sweden Jul services PMI and final reads for Eurozone, France, Germany, UK, France Jun industrial production, Eurozone Jun PPI and Portugal Q2 unemployment rate.

    • Earnings kicked off with Novo Nordisk (NOVO.B.DC) reporting Q2 earnings yesterday after market close and raising FY guidance whilst in the DACH region, Siemens Energy (ENR.GR), Fresenius (FRE.GR), DHL Group (DHL.GR), Infineon Technologies (IFX.GR) and Sandoz (SDZ.SW) updated investors. Elsewhere, Heineken (HEIA.NA) and Ahold Delhaize (AD.NA) are also out with results while Cenergy Holdings (CENER.BB) also raised its FY guidance.

    • Also due to report today are BPER Banca (BPE.IM), Banco BPM (BAMI.IM), Wolters Kluwer (WKL.NA), Glencore (GLEN.LN), Coca-Cola HBC (CCH.LN), Legal & General Group (LGEN.LN) and Beazley (BEZ.LN).

  • Politics/Macro/World News

    • Negotiators near interim deal to reopen Strait of Hormuz for 60 days with no fees or tolls - Axios

  • Top company news

    • Earnings/updates

      • Benelux:

        • HEIA.NA (Heineken) -- reports H1 EPS (beia) €2.29 vs consensus €2.28; reiterates FY operating profit guidance

        • AD.NA (Ahold Delhaize) -- reports Q2 EPS €0.63 ex-items vs consensus €0.63

        • CENER.BB (Cenergy Holdings) -- reports Q2 net income attributable €63.7M vs FactSet €54.2M [1 est]; raises FY adjusted EBITDA guidance

      • DACHs:

        • ENR.GR (Siemens Energy) -- reports Q3 EPS €1.28 vs FactSet €1.17 [6 est, €1.10-1.22]; confirms FY26 outlook

        • FRE.GR (Fresenius) -- reports Q2 core EPS €0.83 vs consensus €0.80

        • DHL.GR (DHL Group) -- reports Q2 EPS €0.90 vs FactSet €0.92 [6 est, €0.76-1.01]; EBIT in line with prelims; share buyback program increased and extended

        • IFX.GR (Infineon Technologies) -- reports Q3 adj EPS €0.44 vs consensus €0.44; guides Q4 and FY26

        • SDZ.SW (Sandoz Group) -- reports H1 EPS $1.71 vs FactSet $1.74 [2 est, $1.70-1.77]

        • TIMA.GR (ZEAL Network) -- reports Q2 EPS €0.64 vs year-ago €0.46

        • LNZ.AV (Lenzing) -- reports H1 net income €35.6M vs year-ago €15.2M; Q2 revenues and EBITDA in line with 27-Jul prelims

        • ZIL2.GR (Elringklinger) -- reports Q2 EPS €0.18 vs year-ago (€0.15); FY26 guidance and medium-term targets confirmed

        • KCO.GR (Kloeckner & Co.) -- reports Q2 adjusted EBITDA €63M vs FactSet €67.5M [2 est, €67-68M]

        • SHA0.GR (Schaeffler) -- reports Q2 EBIT €264M vs consensus €266.0M; reaffirms FY guidance

        • 6LL.GR (Lime) -- reports Q2 EPS $4.73 vs year-ago $0.71

        • BSL.GR (Basler) -- reports H1 net income €23.6M vs year-ago €6.4M

        • RSGN.SW (R&S Group Holding) -- reports preliminary H1 net sales CHF179.2M vs FactSet CHF192.1M [3 est, CHF181.4-206M]

        • SPG.GR (Springer Nature) -- reports H1 net income attributable €101.3M vs FactSet €99M [1 est]

      • Nordics:

        • NOVO.B.DC (Novo Nordisk) -- reports Q2 EPS DKK6.18 ex-items vs consensus DKK5.00

        • RILBA.DC (Ringkjøbing Landbobank) -- raises FY net income guidance

        • STRAP.DC (Strategic Partners) -- reports H1 EPS DKK24.00 vs year-ago (DKK28.00); confirms FY outlook

        • HKFOODS.FH (HKFoods) -- reports Q2 comparable EPS €0.02 vs FactSet €0.03 [2 est, €0.02-0.05]

        • ORRON.SS (Orrön Energy) -- reports Q2 net income from continuing operations (€1.2M) vs FactSet (€5.8M) [2 est, (€5.5)-(4.7M)]

        • RILBA.DC (Ringkjøbing Landbobank) -- reports Q2 net income DKK609M vs FactSet DKK584.6M [5 est, DKK568-600M]

      • Southern Europe:

        • DAL.IM (Datalogic) -- reports Q2 net income €2.3M vs year-ago restated €5.1M

        • ICOS.IM (Intercos) -- reports Q2 adjusted EBITDA €47.5M vs FactSet €46.0M [2 est, €46-46M]; reaffirms FY current consensus on net sales is within its original guidance range

        • MARR.IM (Marr) -- reports H1 net income attributable €3.9M vs FactSet €5.2M [2 est, €2.3-8M]

        • SFL.IM (Safilo Group) -- reports Q2 adjusted EBITDA €49.0M incl. items and unclear if comparable to FactSet €27.4M [4 est, €26-28.3M]

        • CE.IM (Credito Emiliano) -- reports Q2 net income €139.5M vs FactSet €137.6M [5 est, €135-142M]

    • M&A

      • JST.GR (JOST) -- to divest Hyva's Tipper Body Business in India to Belrise Industries for about €5M; confirms its outlook for 2026

      • ANTIN.FP (Antin) -- has entered into exclusive negotiations with the Infrastructure Investments Fund for the sale of Idex

      • JPM (JPMorgan Chase) -- nearing deal to acquire Idex from Antin Infrastructure Partners - Bloomberg

      • U11.SP (United Overseas Bank Ltd. (Singapore)) -- United Overseas Bank Ltd. to sell UOB Asset Management to Allianz Global Investors for SG$555M cash

      • RIO.AU (Rio Tinto) -- sale process for its Infrastructure assets getting closer to launch, expected value A$2-3B ($1.4-2.1B) -- The Australian

      • WBS (Webster Financial) -- Banco Santander receives Federal Reserve approval for previously announced acquisition of Webster Financial Corporation

      • CTY1S.FH (Citycon) -- Oyj announces preliminary result of G City Ltd.'s voluntary public cash tender offer for all outstanding shares in Oyj

      • CY5.AU (Cygnus Metals) -- issues update on scheme with Central Asia Metals; North Macedonian merger clearance condition precedent satisfied

      • FTC reviewing merger between Covetrus and MWI Animal Health - Bloomberg

    • Healthcare

      • BAYN.GR (Bayer AG) -- NICE recommends Bayer's Kerendia to treat chronic heart failure with preserved or mildly reduced ejection fraction

    • Other

      • BSLN.SW (Basilea Pharmaceutica) -- receives additional $5.4M from BARDA to continue development of novel antibiotic ceftibuten-ledaborbactam

      • TPEIR.GA (Piraeus Bank) -- announces the payment of previously disclosed €0.40/share capital return will now take place from 5-Aug

  • Key rating changes

    • Upgrades

      • GXI.GR (Gerresheimer) -- to neutral from sell at UBS

      • NEX.FP (Nexans) -- to overweight from neutral at JPMorgan

      • PNDORA.DC (Pandora) -- to buy from hold at ABG Sundal Collier

    • Downgrades

      • SN.LN (Smith & Nephew) -- to underweight from equal weight at Barclays

      • BBVA.SM (Banco Bilbao Vizcaya Argentaria) -- to hold from buy at Deutsche Bank

      • ROR.LN (Rotork) -- to sector perform from outperform at RBC Capital Markets

      • DANSKE.DC (Danske Bank) -- to neutral from buy at Sparebank 1 Markets (4-Aug, timing uncertain)

    • Initiations

      • OHB.GR (OHB SE) --

        • neutral at Goldman Sachs

        • buy at Jefferies

        • buy at Berenberg

  • Data

    • Nikkei +3.58% to 66245.32

    • Hang Seng +0.19% to 25900.89

    • Shanghai Composite +1.51% to 3880.02

    • S&P futures +31.5 vs prior close of 7765.5

    • €-$ +0.0006 or +0.05% to 1.1538

    • $-¥ (0.09) or (0.05%) to 157.65

    • €-¥ (0.02) or (0.01%) to 181.87

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